Best Places to Buy a Home in Texas
Texas is shaping up to become the next top real estate market in the US. With a growth rate more than double the national average, and people are moving to the state in droves due to its business-friendly laws, warm weather, affordable housing prices, excellent schools, and numerous job opportunities. However, even within the state, some cities and neighborhoods seem more attractive to potential homeowners than others. With that in mind, let’s look at some of the best places to buy a home in Texas, as well as what sets them apart.
Waco is certainly not the most populated city, but it’s a great place for a savvy real estate investor. The median listing home price in the city was about $265,000 by mid-2022, with a 15.7% rise year-on-year and 70.1% over the last five years. This shows significant potential for growth in home prices. The city also has a very friendly property tax of about 0.78% (compared to the state average of 1.69% and the national average of 1.07%), making it a great place for anyone interested in property investment within the state.
However, if you haven’t decided where you’d like to buy a home, make sure to check Manteca homes for sale, as an investor’s job is to ensure they know everything they can and are looking at every possible angle before making a decision.
Austin is the capital city of the State of Texas, as well as the fourth-most populous city in the state. The city’s house can be a bit pricey, with a median listing value of about $649,900. However, a 16.1% increase in home prices year-on-year shows that people are still scrambling to purchase homes in the city. Austin, Texas, boasts numerous parks, cultural events, excellent schools, great restaurants, and a burgeoning tech culture driven by its highly educated workforce. The weather has been described as heavenly, with friendly locals and an attractive cost of living compared to its residents’ average income.
Frisco is a Texas city located within the Dallas–Fort Worth metroplex and declared as the fastest-growing city in the US in 2017. The city of Frisco is definitely on the radar when it comes to property investment. With median listing home prices at about $640,000 and a 14.2% appreciation year-on-year, the housing market is quite competitive. With a booming job market, affordable cost of living, family-friendly neighborhoods, a great educational sector, and numerous entertainment opportunities, the city quickly became a significant hub within the state and was voted the best place to live in the US in 2018.
McKinney, Texas, held the title of the 3rd fastest growing city in the country since 2017. It has a population of 195,308, making it the 16th most populous city in the state, and it is located about 30 miles north of the city of Dallas. The average home prices within the city are about $529,000, with a year-on-year increase of 16.9%. The area has many top-ranked schools, a historic downtown area with beautiful parks, vibrant restaurants, and acres of famous vineyards. Not only that, there are numerous employment opportunities, with the city topping LawnStarter’s poll for the best city in America for remote workers.
The city has been the 7th fastest-growing city in the nation since 2011 and is known for its vibrant music and entertainment culture, with the North Texas State Fair and Rodeo, Denton Arts and Jazz Festival, and Thin Line Fest all being hosted in the city. The average home prices within the state are $389,970, with a strong 27.2% increase year-on-year.
What to Look Out for When Buying a Home in Texas
When choosing a city or neighborhood to live in, there are several important factors that you have to consider. They include the following points:
- How favorable their zoning laws and property taxes are to homeowners. Also, Homeowners Association fees and other local levies should be considered too.
- Neighborhood appeal in terms of safety, space, walkability and bike-friendliness, sense of community, access to basic amenities, open spaces, and recreational opportunities.
- The quality of schools within the area.
- Employment opportunities and the distance of your work commute.
- The cost of the properties within the area is also quite important, as well as its potential for appreciation.
Texas is a wonderful state to settle in, but finding the right place is very important. When looking for the best neighborhood in Texas for your family, there are a few things you should keep in mind. Of course, everyone’s priorities will be different, but here are some general things to look for: safety, good schools, parks and recreation, affordability, and community spirit. So, if you’re someone who’s thinking about taking the plunge, this article is here to help you.